In May, Instacart Inc. had recorded more than a 6-time surge in customer orders on its grocery delivery platform. Alongside this, in June, the startup had bagged a $225 million funding round co-led by the US-based venture capital firm, General Catalyst and Honk Kong-based financial service, DST Global. The recorded valuation last month was $13.7 billion, and with the latest investment, the startup has touched the mark of $13.8 billion in valuations.
Confirming the latest investment, in a statement, Instacart Inc. spokesperson said that T. Rowe Price Associates do the latest investment injection.
A San Francisco-based Instacart-powered platform offers access to a network of personal shoppers that pick up items from stores and later deliver them to customers' doorsteps.
Instacart Inc. has seen a surge in demand during the coronavirus outbreak. In early May, Instacart Inc. had reported an order volume raised more than 500% year-on-year. A few weeks earlier, the startup has announced that it would add up to 250000 additional shoppers over its platform; this will help in addressing the influx of new users.
The startup said they are thankful for the recent expansion and could now reach 85% of US households. Currently, Instacart Inc's platform is also accessible to 70% of households in Canada.
Instacart Inc. has raised $325 million in its two recent investing rounds, and this should enable the startup to double down on these recent growth efforts. The startup has not specified presently what it plans to do with the recently raised funds of $100 million. However, it did share little details over the earliest round, which was held in the month of June.
The startup detailed that it is looking forward to establishing new services and features to support its customers as well as widening its budding ad service, which enables brands to promote their merchandise using its platform.
The startup's recent funding is the new sign of venture capitalists' growing interest in the food delivery space. Instacart Inc.'s recent investment arises just after the adjacent and one of the most prominent players in the restaurant delivery market, DoorDash Inc., has confirmed its recent funding of $400 million at a $16 billion valuation.
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